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institute for a discussion on the scheduled tax increases the percent to hit in january, including the end of the bush era taxes, payroll tax holiday hikes and invested in come also. a new tax policies and to report says nothing is done. average marginal tax rates would go up by five percentage points on labor income, seven points on capital gains and more than 20 points on dividends. along with more than a trillion dollars in budget cuts. also starting january or known as the fiscal cliff. it should get under way in just a moment. [inaudible conversations] >> good afternoon, and welcome to the urban institute's first tuesday. my name is howard gleckman of the tax center blocks and we are here to discuss taxes in the fiscal cliff. as you all know, washington lives everything that happens here is the biggest or the worst were the most important. how many times for instance have you been told some politician is about to give the speech of his life until he gives the next speech. the tax armageddon has the potential to actually be a watershed in the fiscal policy. true it could be another opp
on 2013 tax increases and the so-called "fiscal cliff." activity p.m., and how corporate money is affecting the congressional races this year. c-span brings you select a vice presidential debates from the past 25 years. here's the lineup. at 7:00, at dick cheney and john edwards. that is followed by then senator joe biden and sarah palin at washington university. at san 3:00 p.m., a vice president george bush and rep ferraro. at 11:45 p.m., and center dan lloyd and signaturesaid mr. bentsen. >> on the fourth day of being in office, a weaver sitting in the oval office. larry summers was looking at this year's budget. you're going to have $1 trillion deficit. he said i have not done anything yet. >> we can not keep looking our children in the eye knowing that we're going to give them a diminished future because we're spending their money today. it is a very simple idea. mayor ron and i am going to bring it to washington. we have to stop spending money we do not have. we must cut spending. we must get this balanced budget. we must get this debt under control. >> congressman paul r
announcer ]  who will raise taxes on the middle class? according to an independent, non-partisan study, barack obama and the liberals will raise taxes on the middle class by $4,000. the same organization says the plan from mitt romney and common sense conservatives is "not a tax hike on the middle class." want proof? read the non-partisan study for yourself at american.com. obama and his liberal allies? we can't afford four more years. i'm mitt romney and i approve this message. we can't afford four more years. these appliances could have been made here in america. but a company called global tech maximized profits by paying its workers next to nothing... under sweatshop conditions in china. when mitt romney led bain, they saw global tech as a good investment... even knowing that the firm promoted its practice of exploiting... low-wage labor to its investors. mitt romney - tough on china? since when? . >>> for many of you, this is the beginning of a new holiday weekend. some bars will be allowed to stay open later until 4:00 a.m. at monday morning. not everyone thinks that is a great i
fundamentally to the issue of taxes, at least for mitt romney. the romney memo says that mitt romney will not raise taxes on anyone and that he will deliver tax cuts for the middle class. sounds pretty good, but the brookings tax policy center took a look at this issue, and here is what they found. under mitt romney 95% of americans making under $200,000 would have a tax increase averaging $2,000 while the wealthiest americans would see tax cuts of up to $86,000 per year. and his claim that he can give the wealthy those tax breaks and still close the deficit, that claim is mathematically impossible according to the tax policy center. romney's fuzzy math has put his surrogates in a bit of a tough spot. here is paul ryan trying to explain the impossible on fox us in yesterday. >> how much does that cost? >> it's revenue neutral. >> it's not revenue neutral unless you take away deductions. and we'll get to that. the first half lowering the tax rates does that cost $5 trillion -- >> no. >> you haven't given me the math. >> oh, it would take me too long to go throug
this message. "i'm not in favor of a $5 trillion tax cut. that's not my plan." mitchell: "the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vovo: why won't romney levelel with us about his tax plan, which gives the wealthy trhuge new tax breaks?." if we can't trust him here...eo experdeficit to pay for it. taxes on the middle class how could we ever trust him here? >> the cold temperatures on -- on wjla.com.opic the fever of for the nationals playoff run. we are right back with a final look >> ready for the warm stuff to come back? morning, sorry. k nearl come bac wednesday. some good baseball weather. 1:00 in the afternoon for the first pitch. after that, pretty pleasant. >> i think good things will happen that day. ♪ ♪ ♪ [ male announcer ] combine the pnc cashbuilder visa credit card with a qualifying pnc performance select checking account and earn 75% more than cards earning 1% cash back on almost everything. according to an independent, non-partisan study, barack obama and the liberals will raise taxes on the middle cla
out enough in debt, and enough taxes we have made changes that grows this economy, and that is why i am running for the united states senate. to change the want leadership in washington. we can change that. that is why i am running for the senate. i want to pass a balanced budget. i am not your usual politician. i'm not one of the good old boys pay ed i will make this tough decisions in the united states senate. i will roll up my sleeves, work hard for you, and i will fight for you. >> now the opening statement from bob kerrey. >> thank you. i love nebraska. i always have and i always will. i was born here in lincoln. i left nebraska and went to war and came home, and i recovered from illness in the lincoln. i started a business that employed more than 700 people. i served as your governor, balancing our budget, and i left after four years and went back to business. i served as your son that -- as your senator, and again we balance our budget. i am a candidate for congress for the senate because congress needs to change, and i will fight to make that happen. i have never had and neve
don't know. i never have enough money to do it. the middle class needs relief, tax relief. they needed now. >> the governor, if you like to respond to what he said about senator mccain's remarks. >> we can speak an agreement that, don wright, we need tax relief for americans so that -- darn right, we need tax relief for americans so that we can have jobs in america. barack had 94 opportunities to side on the people's side and reduce taxes and 94 times he voted to increase taxes or not support a tax reduction. 94 times. that is not what we need to create jobs and really bolster and heat up our economy. we do need the private sector to be able to keep more what we're in and produce. government will have to learn to be more efficient and live with less if that is what it takes to rein in the government growth that we have seen today. but we do need tax relief and barack obama even supported increasing taxes as late as last year for those families making only 40 two thousand dollars a year. that is a lot of middle-income average american families to increase taxes on them. i think that is
. industry has come back and housing has begun to rise. said there was no way mitt promise ofd keep his taxes without adding to deficit. before thee weeks election, he says his big, bold idea is never mind. >> the president never brought the controversial 47%,. analysts say it was romney who won this debate. >> moments like this could wipe slate clean. >> as both candidates hit the supporters of, the present offer this a device. -- twohave to the war debates, did it to mitt romney. >> this debate is making a new on the -- is having a on twitter. >> twitter tracks just how many tweets were sent and which most. sparked the there were 10.3 million sent between 9:00 in 1030. came whenhe moderator not" romney, "let's talk about ad to topic.nt comments about cutting funding pbs for also hot topics. abc7 is your vote 2012 station the candidates on the road again today. we will have more on that at 87 at 5:00 and 6:00 right here. >> a story is developing in where the country's has authorized military operations against syria. turkish official said has admitted for the killed fivet including a six-yea
/11, and today osama bin laden is dead. four years ago, i promise to cut taxes for middle-class families, and we have, by $3,600. of promised to cut taxes for small business owners, and we have 18 times. we got back every dime we used to rescue the banks, and we passed a law, to the end taxpayer-funded wall street bailouts permanently. we passed health care reform, also known as obamacare, because i do care. i do not want insurance companies, jerking you around anymore. i do not suit him -- do not want somebody without health care because they have a pre-existing condition. we repealed "don't ask, don't tell," as i promised him we would. today, he no outstanding soldier, marine, sailor, here man -- airman, none of them will be kicked out of the military because of who they are and who they love. when you think about ohio, and when governor romney said that we should let the auto industry go bankrupt -- we said, we are not going to take your advice. do not boo. vote. we reinvented a diving auto industry that supplies one in eight ohio jobs and has come roaring back to the top of the world. four y
promising $5 trillion in tax cuts that favor the wealthy. the fellow on stage last night said he didn't know anything about that. the real mitt romney said we don't need anymore teachers in our classrooms. don't boo, vote. [ cheers and applause ] but the fellow on stage last night, he loves teachers. can't get enough of them. the mitt romney we all know invested in companies that were called pioneers of outsourcing jobs to other countries. but the guy on stage last night, he said that he doesn't even know that there's such laws that encourage outsourcing. never heard of them. never heard of them. never heard of tax breaks for companies that ship jobs overseas. he said that if it's true, he must need a new accountant. now, we know for sure it was not the real mitt romney because he seems to be doing just fine with his current account. so you see, the man on stage last night, he does not want to be held accountable for the real mitt romney's decisions and what he's been saying for the last year. and that's because he knows full well that we don't want what he's been selling for the last year.
to tackle at an issue, increasing their taxes? >> let's start with the families. they will get their attention. the voters have to understand all this, which they did not, and voters need to understand what we have to do to get all this corrected, and they do not. if we ever get that over to the voters, they will vote for the people who are geared up, ready, and know how to do it and are running on that basis, and then we can change this country forever and get us back to where we used to be when i was a boy in the depression. why schoolteachers and would have been doctors, lawyers, indian chiefs today. with luck they were making $200 a month, but they were talented, they brought out the best in all of us. they were by example really fine people, and with the highest qualities. all that got transmitted to the children at class a even if they were not getting it at home. >> when you were running you were talking about increasing not necessarily dollars per capita, but investing in education, communications, and transportation. even while trying to reduce deficits and debt, you w
rid of the charitable deduction, because that's the only way you have revenue neutrality in these tax cuts he's talking about. his only plan for economic improvement in this country is to cut the taxes mainly of the rich. that's his only plan. the only defense of this strategy is he's going to get rid of loopholes. tell us that, governor. show us what you're going to do or stop talking. i think he's got to be that aggressive. but the main message is, show me your cards. stop bluffing. >> we have seen a little bit of telegraphing this week from mr. romney, that maybe he will put some details into his economic talk. he's started to float some new ideas about taxes that he never floated before. my question is whether or not he thinks the right place to unveil those is in a debate setting. surprise the president with something he's never said before or if he wants to save that stuff for a more controlled environment. that will tell us as much about his temperament and his strategy as it will about his plans. let me bring in lawrence o'donnell, chris. lawrence is in the spin room tonight,
elections? >> we'll have more on last night's debate, including a fast check on mitt romney's tax plan. >>> right now beverly farmer gives us a fact check on your morning commute. >> fairfax county we have issues. sky 9 showing us the scene of the crash. a medevac. southbound will be blocked at monument drive. you're watching 9news now. we'll be back with more news and traffic. stay with us. >>> we're back at 6:29. this is always the place to get your weather first. here's a live look at springfield, virginia. lots of slow traffic in that area. you'll need to take some rain gear with you. mostly cloudy, 69 degrees. >>> thanks so much for starting your thursday with us. i'm mike hydeck. >>> i'm andrea roane. meteorologist howard bernstein is live on the weather terrace to expand on our forecast. good morning. >> good morning. light sprinkles out here. the ground is wet. the streets are wet. but it's not pouring like a couple of mornings ago. this may add a little extra time but shouldn't be anything too significant to the morning commute. here is a look at the day planner. the good news
tax plan without blowing up the deficit or sticking it to the middle class. that's the math . we can't afford to go down that road again. >> steve: so the day after his terrible performance even the new york times called him president xannex. they have gone in damage control mode . they were portraying romney as an extremist and now back to romney is a flip-flopper and a big fact liar . >> brian: i thought the senator was right when team obama got a earful. the strategy was to lay back and not make major mistakes. governor romney will be a true choice. he defined himself as competent and capable . he was making himself relevant and holding the job. that's what you walk away . he undid over two million worth of advertising. >> gretchen: he had a answer about the five billion, trillion argument that the president said. he said that is not my tax plan. and you can see the difference when they are on a stage together going after each another and back out on the stump. on the stump you can say whatever you want. these are people supporting each cand date. this is a moment romney respondin
is a combination of tax hikes and spending cuts due to hit at the end of the year after the election. the president coming off with what was widely seen as a lackluster debate performance, was in wisconsin yesterday with new found vigor. >> i want to export more products and outsource fewer jobs. >> reporter: that is a message he'll no doubt repeat at a campaign stop in virginia today. job growth is in positive territory, but not by much. and through so many months, it's been outpaced by population growth. mitt romney will be poised to strike, arguing that the unemployment rate understates the problem. >> if the same share of the workforce were engaged in looking for a job now as when the president took office, the unemployment rate wouldn't be at 8.1%, it will be 11.2%. >> reporter: both campaigns will be looking beyond today's numbers. october numbers come out on november 2nd, four days before the election. in washington, doug luzader, fox news. >>> another big story developing today. health officials warn thousands more people could be at risk of getting a deadly form of meningitis. it's already
. the debate focus around the economy as we knew it would and the candidates traded jabs over tax policies for the middle class. >> romney: under the president's policies middle income americans have been buried. they've been crushed. i will not under any circumstances, raise taxes on middle income families. >> obama: now, five weeks before the election, he's saying his big, bold idea is never mind. >> romney is saying he would push for tax relief is another flip-flop. from his statement a few weeks ago that we should not expect a huge cut in taxes if he's elected president. we'll do some fact checking for you in the next current news update. despite the lies and contradictions from romney, a new cnn poll says 67% of voters do think he won the debate. more bill press coming up after the break. stay with us. you're about to watch an ad message created by a current tv viewer for capella university. matter. education is the key. it is the vehicle. it's the way in which we evolve. every journey is different every possibility is uni
, but that is true. he is very pumped. the city is looking forward to revenue from taxes, restaurants, hotels hoping the playoffs will pay off. >> pay off enough to keep metro running. >> his streak is now broken. what teddy is predicting one day after his big win. >> many are protesting smart meters. >> why change in the law could be prompting people to abandon dogs rather than care for them. >> police got a 911 call that someone was abducted outside of a gymnasium [ female announcer ] who will raise taxes on he middle class? barack obama and the liberals already have. to pay for government-run healthcare, you'll pay higher taxes and more for your medicine. and their plan includes a trillion dollars in higher taxes. veeven on the middle class. mitt romney and common sense conservatives will cut taxes on the middle class. and they'll close loopholes for millionaires. obama and his liberal allies? we can't afford four more years. [ romney] i'm mitt romne and i approve this message. >> a bizarre confrontation at a fort myers police depart
. >> for 18 months he's been running on this tax plan. and now five weeks before the election, he's saying that his big, bold idea is never mind. >> you said you get a deduction for taking a plant overseas? look, i've been in business for 25 years. i have no idea what you're talking about. i maybe need to get a new accountant, but the idea that you get a break for shipping jobs overseas is simply not the case. mr. president, you're entitled to your own airplane and your own house but not your facts. i don't have any plan to cut education funding and grants for people on going to college i'm continuing on growing. is it so critical it's worth paying to china? i apologize, mr. president. i use that term with all respect. okay, good. so i'll get rid of that. >> i don't know what he was doing out there. he had his head down. he was enduring the debate rather than fighting it. romney, on the other hand, came in with a campaign. he had a plan. he was going to dominate the time. he was going to be aggressive. he's going to push the moderator around, which he did effectively. he was going to relis
it was paid for through gasoline taxes. [applause] thethe st. lawrence seaway connecting the great lakes, opening the great lakes to traffic again had been on the drawing board since the administration of theodore roosevelt and eisenhower -- eisenhower took, assumed the presidency in a time of mccarthyism and incredible communist witchhunt. he did it as he did so many things in the background. it was eisenhower orchestrated the army's response in the army mccarthy hearings. i'm not going to get into a contest but that stunk. and when it was over mccarthy had him vanquished but i think it was the desegregation issue perhaps in which eisenhower most often underestimated. president truman had ordered the army to be desegregated in 1950 but the that the army had not complied. 85% of the army was still segregated when i had to power. ike ordered the military services to desegregate and of course this was a new supreme commander whose words they immediately obeyed. he culminated the segregationists of will service and after brown versus board of education, and he ordered the integration of the
for $5 trillion in tax cuts and cuts to funding for pbs to help close the deficit. >> so for all you moms and kids, don't worry. somebody is finally cracking down on big bird. cracking down on him. elmo has made a run for the border. border. governor romney plans to let wall street run wild again but he is bringing the hammer down on sesame street. >> president obama will continue campaigning in california today with a star- studded event in san francisco t includes john legend and will i am. >>> one of the staffers at in florida decided to weekend romney's face with a napkin. he laughed it off but and to look uncomfortable. >>> we'll tell you who came out on top in the election with hugo chavez. >> and more cases of fungal meningitis as the outbreak spreads to more states. we'll have an update on that and new information about the pharmacy that distributed the product. [ male announcer ] who will raise taxes on the middle class? according to an independent, non-partisan study, barack obama and the liberals will raise taxes on the middle class by $4,000. the same organization says
automatic tax increases and mandatory severe budget cuts know as sequestration go into effect and if that happens many economists are predicting that we could head into another recession. for advice on how the president and congress can avoid going over the fiscal cliff and hopefully can all just get along, for that we turn to washington and norm ornstein. norm is a resident scholar and coauthor of "it's even worse than it looks." welcome back inside "the war room," norm. >> it's always great to be with you, jennifer. go tigers. >> i love having you on. it's so great. so without scaring people tell us what happens come january 1st if no budget deal is reached. >> we get a perfect storm. people often think about the sequesters which is cuts in spending that congress basically hatch together to -- in the aftermath of the debt-limit crisis -- >> jennifer: to prevent this very thing from happening. >> yes, but as we approach the vice presidential debate paul ryan viewed it as a great triumph. but the fiscal cliff is more than that, it is the expiration of
to not pay federal taxes part of the 47%. oh irony thy bitter pill. mitt romney is leading among the 47% he derided in ohio. really, what can he do? what can governor romney do at this point in the campaign to turn it around? can he be funny? should he get an earring? get his hair done? what could he possibly do to try to change his fortune? i want to know what the bill press listeners think. we're at 1-866-55-press. is there any way mitt romney can win this or is he really in the lead and as dick morris and sean hannity have said, all of the polls are lying and all of the polls are fraud because it is such a liberal media. so we want to know what you think. give us a buzz at 1-866-55-press. and let's have a listen, if we can to a very fascinating piece of audio. mitt romney's garbage man who i presume, isn't part of the 47% but he's a hard working american citizen. i would imagine he's union. i would hope he is. and they tracked down one of mitt romney's sanitation workers. let's give a listen to this audio.
the lower courts and the individual mandate was a permissible use of the taxing power of congress and not the congress clause and thus the law could be passed. and i think there were three -- one is, you have to take it at its face value. the legitimate use of the taxing power. thirdly and most important in the second and third, the second is that john roberts saw health care, as many people saw health care, as the third in a trilogy of cases starting with bush beat gore in 2000, citizens united in 2010, obamacare in 2012 and that, and in those first two cases, you had five republican justices dashing the dream's of democrats in what would seem to many as a very partisan case. as they sat down to vote on health care, it looked like the same thing was going to happen, the five republican nominees were going to trash the democratic dream. roberts recoiled at that idea. roberts has a very keen sense of politics in the larger sense and he knew and cared deeply that the supreme court not be regarded as simply another branch of congress, where democrats and republicans fight. he wanted
that's exactly what mitt romney wants to do... ...to pay for a $250,000 tax break for multi-millionaires. if mitt romney wins, the middle class loses. priorities usa action is responsible for the content of this advertising. i'm drinking dunkin'. i'm just in love with the flavor. i get mine black. i don't want to take away from that pure taste. so smooth, no bitterness. it's awesome. there's no other taste like it. america runs on dunkin' coffee. >>> welcome back. making headlines, another search is set for today for a missing teenager from northern virginia. police found his car about a mile and a half away. friends, family and volunteers will start searching at 10:30 this morning. >>> venezuela's president has been reelected. officials say the polls saw the biggest turnout in years, with nearly 81% of registered voters taking part. this is his third re-election. chavez says he will press for a transition to socialism. >>> history is made in the big easy. new orleans saints quarterback drew brees broke a record by throwing a touchdown pass in his 48th straight game. the pre
. they include reducing the deficit about4 trillion over ten years, an overhaul of the tax code, and changes to medicare and social security. now, if congress can't avoid that cliff, it also means an end to several tax cuts and a huge boost in the action at thats you will pay. the nonpartisan tax policy center estimates the average household will pay $3,500 more in taxes. the two policies which impact the average american the most are payroll taxes and the bush era tax cuts. democrats have already said they will not accept a deal unless tax cuts to americans making more than $250,000 a year are allowed to expire. >>> 5:06. 64 degrees. the phone wars between apple and samsung takes another nasty turn. >>> also ahead, crossing the line. the incident that has one police officer in hot water this morning. "and what's your name?" "oh, it's flo." "and what do you do?" "oh, i sell insurance like no one else." "oh, that's nice." "thank you." now, that's progressive. call or click today. >>> welcome back apparently, looking at photos and videos of cute, fuzzy baby animals can help improve your produc
the budget plan mitt romney supports actually does. more huge tax breaks skewed to the wealthy. while cutting nearly eight hundred billion from medicaid... even though middle-class families rely on medicaid to help loved ones cover nursing-home care. and it helps parents support children with disabilities. if mitt romney really "cares," wouldn't we see it in his priorities? >>> jerry sandusky is set to be sentenced tomorrow. he has been in isolation at the pennsylvania prison since june when he was convicted of 45 counts of child sex abuse. sandusky's attorney believes the 6 #-year-old will spend the rest of his life behind bars. >>> the number of rare meningitis cases linked to a tainted steroid treatment has now risen to 91, spanning nain streets appears killing seven. another case is reported in maryland this weekends bringing total there to three. eighteen cases have been reported in virginia with one death in each state. the massachusetts pharmacy linked to product issued a voluntary recall. >>> hugo chavez has been re- elected. nearly 81% of registered vote are took part. chavez has hel
on tax, healthcare and foreign policy. president obama and romney face off tomorrow night in denver. the stakes are especially high for romney when it comes to women voters. we'll have more on that at 7:15 when we go live to our washington, d.c. bureau. >>> the oakland as beat the texas rangers, 4-3. the as are heading back to the playoffs for first time in six years. [ cheers ] >> struck out all three batters at the top of the 9th. the celebration started. that means at the very least, the as clinched one of the two american league championships. the celebration moved into the clubhouse. the champagne, the beer was knowing. the players started dancing, too. coco crisp played a big role in the game, doubling in the go- ahead run and epscoreed the eventual run. you know, you wouldn't think that all of these rookies would be doing something like this but they have better mentality and they have this useful spark. >> yeah. the as have two games left, tonight and tomorrow afternoon. the now -- they are now one game behind texas. if they win both against the rangers the as will be the we
taxes and reduce the revenues going to the government. my number one principle is there's no tax cut that adds to the deficit. i want to underline that. virtually everything you said about my tax plan is inaccurate. so if the tax plan he described were a tax plan i was asked to support, i'd say absolutely not. i'm not looking for 5i trillion tax cut. i won't put in a place a tax cut that adds to the deficit. i'm not in favor of a $5 trillion tax cut. that's not my plan. >> that's three different moments during this debate when mitt romney noticed the bump in the set for obama. what he's saying there is he's arguing against math. the idea that you can cut faxes 20%, can you tell taxes for everybody and it's deficit neutral and faye for it by closing unspecified loop moles and dealing with deductions. that is the romney position. it's up to bahama to make romney get specific about it to say okay. it's easy to say you deal with the deductions and it's easy to say it's deficit neutral and let's talk about the specific deductions and talk about the home interest deduction and health care
, sitting next to him, not having dinner, sitting next to al gore is taxing. it is really unpleasant. we asked him what was going on in the white house and he said 1%. i believe it is higher. but if we step back, we often don't know what is going on. that is the dilemma. i want to talk briefly and then answer questions about her new book that i have done, which is just out, called the price of politics. it is about 3.5 years of negotiations between the obama white house and the republicans in congress and the democrats. how they essentially tried to bring the federal government's financial house to some kind of order. the answer is they failed. we have a federal government whose financial house is in total disorder, total disarray. it is a historic problem. to try to put it in english, we have a trillion dollars of iou outstanding in the world. the negotiations, they agreed to raise what they call the debt ceiling, so the government can borrow a couple more trillion dollars. we are going to run it run out of that borrowing authority january or february of next year. they're going to have
. >>> you've probably heard the warning that most americans could be in for a tax like come november. there is good news to report on that front. >> also ahead, customers of a d.c. food favorite paying a little bit more now. details on a food truck tax when we come back. too many americans are struggling to find work in today's economy. too many of those who are working are living paycheck to paycheck trying to make falling incomes meet rising prices for food and gas. more americans are living in poverty than when president obama took office and fifteen million more are on food stamps. president obama and i both care about poor and middle-class families. the difference is my policies will make things better for them. we shouldn't measure compassion by how many people are on welfare. we should measure compassion by how many people are able to get off welfare and get a good paying job. my plan will create twelve million new jobs over the next four years helping lift families out of poverty and strengthening the middle-class. i'm mitt romney and i approve this message because we can't a
of americans are staring at big increase on their tax bill. ashley morrison with more. >> the tax center released a study showing that americans of all different incomes could be hit with a tax increase. if existing tax cuts are allowed to automatically expire, the average tax increaswould be $ $3500 a year, a middle income american would see their tax bill rise by $2,000. >>> overseas marks were mixed this morning. tokyo's nikkei shed a fraction on concerns of company earnings, while south korea's kospi grained a fraction. >>> on wall street, the dow added 77 points while the nasdaq lost two points. jp morgan chase is being sued over dealings made by bear stearns, the investment bank it acquired in 2008. new york's attorney general filed the suit claiming bear stearns misled investors. the suit is the first to be filed under a group set up by the obama administration to investigate misconduct that caused the 2008 financial crisis. jp morgan says it will will contest the suit. >>> american express is paying $112 million in refunds and fines to settle accusations it duped customers. feder
and the two men picked up the slack. >> how they can justify, how they can justify raising taxes when the middle class has been buried the last four years. >> well, reporters were buried by romney's press releases on that comment. paul ryan reacted to it. >> vice president biden just today said that the middle class over the last four years has been, quote, buried. we agree. that means we need to stop digging by electing mitt romney the next president of the united states. >> biden clarified his remarks saying, quote, the middle class was buried by policies that romney and ryan supported. the romney campaign tries to make the stick calling a conference call and then holding a press conference in denver this morning. no doubt we'll hear more about the comments tonight from romney as he tries to draw attention away from his own 47% remark. there is a quick look at tonight's format. there are no opening statements. the president will answer the opening questions. the debate will be divided into six 15-minute segments. the president and romney will each get two minutes to answer an initia
romney's been running around the country for the last year promising $5 trillion in tax cuts that favor the wealthy, and yet the fellow on the stage last night who looked like mitt romney said he did not know anything about that. but i just want to make sure i got this straight. he'll get rid of regulations on wall street, but he's going to crack down on sesame street. thank goodness somebody's finally cracking down on big bird. who knew that he was responsible for all these deficits? >> mika, what were your thoughts about barack obama not being able to deliver a single line like that when he didn't have the teleprompter and yesterday reading what his staff wrote for him so effectively on that stage with 30,000 people. >> it bothered me. we watch this every day. it seemed like some people might have been screaming at the tv saying, why aren't you saying that right now to him? it seemed prepared. but maybe that's the strategy. it was not satisfying at all. >> you know, willie -- >> it's like they took a whole day to respond. >> he carries this around where people are waiting till the nex
. serving up the barbecue, pour on the extra cause and don't forget the tax. >> isn't that pretty much every restaurant is just like the food trucks now? >> that's exactly right. the food trucks had always paid a flat $100 feet and now the city is implementing the sales tax act. they have to charge 10% on every sale. >> thank you very much. >> what is 10%? everybody has to get their cut, right? >> don't like paying more. >> we're giving away free coconut macaroons because of the sales tax today. >> reporter: james mcauley eats at food trucks every day. he think the tax is fair. it is just annoying. >> things are already kind of expensive when you pay with a credit card or what not, there is additional fees now for that too. >> reporter: steve adelson says he is fine with paying his fair share. >> at this point, we are on a level playing field and we should be treated with the same respect that other businesses are instead of the pariah that, in essence, we've been being. >> it is just getting customers used to it. >> reporter: the first day going off without too many complaints. most of the
running around the country for the last year promising $5 trillion in tax cuts to pay for the wealthy. the fellow onstage last night said he did not know anything about that. the real mitt romney said we do not need any more teachers in our classrooms. [booing] don't boo -- vote. but the fellow onstage last night, he loves teachers, cannot get enough of them. the mitt romney we all know invested in companies that were called pioneers of the outsourcing jobs to other countries. but he got onstage last night, he said that he does not even know that there are such laws that encourage outsourcing. he has never heard of them. never heard of them. never heard of tax breaks for companies who ship jobs overseas. he said if it is true, must need a new accountant. we know for sure it was not the real big trouble because he seems to be doing just fine with his current accountant. the man onstage last night does not want to be held accountable for mitt romney's decisions and what he has been saying for the last year. we know we do not want what he has been saying for the last year. governor romne
stated the things he should have said i'm going to have that $5 trillion tax cut. i understand that obama had a bad debate, didn't do what he was supposed to do but mr. romney lied. >> bill: you are absolutely right. again, i compared romney's debate performance to the ryan speech in tampa. it was a good performance but it was packed with lies. i think the entire media was focusing on stage craft and performance or entertainment or acting ability and not on the substance of what they said. on the substance of what he said mitt romney simply did not tell the truth about the $5 million, about health care, about a whole lot of stuff. kevin in chicago, kevin getting rid of big bird good idea? >> caller: yeah, my granddaughter is four years old, so i'm ul up to speed on big bird. and it brings back memories of when my kids were young. >> bill: same here. >> caller: it is just an example of the crap that comes out of his mouth. they don't realize the value of putting something on tv for the kids to watch -- >> bill: and learn, yeah. >> caller: and the whole indu
a president attacked. >> he's been running on this tax plan for 18 months and now five weeks before the election he's saying that his big bold idea is never mind. >> reporter: romney pushed back. >> let me repeat what i said. i'm not in favor of a $5 trillion tax cut. i'm not is going to put in any tax cut that would increase the deficit. >> we've seen 5 million jobs in the private sector created. the auto industry has come roaring back. housing has begun to rise. >> reporter: he hit romney for not providing specifics. >> at some point i think the american people ask themselves is the reason that governor romney is keeping all these plans to replace secret because they are too good? is it because that somehow middle class families will benefit too much from them? >> reporter: he pulled his punches and never mentioned lines of attacks that have been effective in his ad like romney's tenure at bain capital or the 47% of americans who don't pay income tax. rob portman who played president obama in mock debates said the president was uncomfortable in being challenged. >> he was surprise
to success? is the success of private citizens the success of the private people that leads to tax dollars that build roads and bridges? the understanding of where our money comes from is important. >> thank you. can you tell us a little about yourself as a voter? how are -- old are you? caller: i am 22. i am a law student at cornell in upstate new york. i do not think the president has provided the right environment for businesses and for students and especially. i know too many people who are suffering under lost or that or student dead right now and cannot find a job and are living at home. i think mitt romney, with his experience as a businessman making the tough decisions and understanding how to make efficiency and competitiveness your top concerns will change that and give opportunities to people. we have had enough time with barack obama. it is time for results. it is time for a difference. >> thank you for justin, watching us in new york. up next is cody, in alexandria, virginia, an independent. what question would you ask? caller: i would ask mitt romney what he actually has an a
this week to campaign. >> how they can justify raising taxes on middle-class. >> it did not take long for paul that.o pounce on >> vice-president biden today the middle class over e last four years has been buried. we agree. we need to stop digging -- start by electing mitt romney. the race is still close. every word tonight could impact election. abc news, denver. >> tonight's debate happens to fall on the same day as the obamas 20th wedding anniversary. mrs. obama will go to reno to voters and then to be .n the audience in denver they will celebrate on saturday. his campaign is asking supporters to sign an card for the first couple. the debate is at 9:00 tonight. at 11:00, scott thuman will have analysis. vice-president biden's flight into weather approaching charlotte, so the pilot circled it because of thunderstorms. landed on the second attempt. on his return trip to andrews base, that was delayed d fog, so his plane forced to land at dulles instead.onal he was taken by motorcade back observatory. >> 10 years after the d.c. area attacks, the victims are still being remembered for
things right. now, that, the devil is in the detail there but making sure that you don't raise taxes on energy producers. because when you do that you raise taxes for all consumers. again from a manufacturing standpoint, we have a stake in this discussion because we use one-third of this nation's energy output. so every time energy costs increase, the cost of manufacturing increases and adds to the 20% cost disadvantage i mentioned. the regulatory burdens are enormous for the energy industry, and hitting that in check is going to be vital in the next four years. >> that, would you take immigration reform for? >> i would be happy to take the rest of jay's observations about energy policy because for consumers, many of them, difference between whether they can go shopping and spend either mandatory or discretionary spending is the price of gasoline and other commodities but gasoline is the big one and they're certain segments of the retail industry in which you can draw a straight line and an inverse line between the price of fuel and sales that go on and the jobs that get created. so
/ryan tax plan will raise taxes on middle-class families with a child, one or more children, by an additional $2,000 a year. how -- all kidding aside, with all the boos, look, guys, this is deadly earnest, man. this is deadly earnest! how they can justify, how they can justify raising taxes on the middle class that's been buried the last four years, how in lord's name can they justify? >> god bless him. >> mark mckinnon -- i love him. mike, we love him. we love him! has anybody not told him, they've been in the white house for the past four years? buried? the middle class has been buried over the past four years. >> joe, i am being deadly earnest now, man. deadly earnest. okay? on how anybody -- how anybody can attempt to bury the vice president is beyond me. >> i'm not trying to bury him. i got a good laugh out of it. mark mckinnon, you think we may hear the middle class has been buried over the past four years? >> 47%, especially tonight. >> and it's fresh. >> it's fresh, it's new, it's relevant. the one other thing i'd mention, joe, just look at the general mood of the co
. $200 million. >> i tell myself, it's 50% tax. don't feel bad. if you don't win the lottery. >> i will take the $100 million. make it work for a couple months. >>> later on in the half hour, the diva drama on "american idol" still spinning out of control. nicki minaj versus mariah carey. and our own barbara walters has a huge scoop about a threat involving a gun. yeah, things got that serious. that's coming up in "the skinny". stay tuned. >>> first, a major admission from mitt romney, the candidate now saying the remarks he made about the 47% were completely wrong. >> the reversal as romney tries to capitalize on his winning debate performance earlier this week. it is a critical time now with just over a month until election day. abc's t.j. winick covering the campaign for us. good morning, t.j. >> reporter: good morning, rob and reena. mitt romney rose to the occasion by all accounts on wednesday night, and now he looks to continue the momentum. seen by many political analysts and average voters as the winner, political challenger, mitt romney echoed his performance. >> he will r
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